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Theory and measurement : causality issues in Milton Friedman's monetary economics / J. Daniel Hammond.

By: Material type: TextTextSeries: Historical perspectives on modern economicsPublisher: Cambridge ; New York : Cambridge University Press, 1996Description: x, 238 pages : illustrations ; 24 cmContent type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISBN:
  • 0521552052
  • 9780521552059
Subject(s): DDC classification:
  • 330.157 20
LOC classification:
  • HB119.F84 H36 1996
Contents:
Introduction -- 1. Theory and measurement at the National Bureau -- 2. Origins of Friedman's Marshallian methodology -- 3. Origins of the monetary project -- 4. Critiques from within the National Bureau -- 5. Post Hoc Ergo Propter Hoc, part I -- 6. Reactions to the Monetary History -- 7. Post Hoc Ergo Propter Hoc, part II -- 8. Friedman and his critics on the theoretical framework -- 9. The Great Depression -- 10. Measurement without measurement: Hendry and Ericsson's critique -- Conclusion.
Summary: Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business-cycle methods and Friedman's Marshallian methodology. With the postwar dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be "measurement without theory." Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.
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Holdings
Item type Current library Call number Copy number Status Date due Barcode
Book City Campus City Campus Main Collection 330.157 HAM (Browse shelf(Opens below)) 1 Available A146259B

Includes bibliographical references (pages 219-234) and index.

Introduction -- 1. Theory and measurement at the National Bureau -- 2. Origins of Friedman's Marshallian methodology -- 3. Origins of the monetary project -- 4. Critiques from within the National Bureau -- 5. Post Hoc Ergo Propter Hoc, part I -- 6. Reactions to the Monetary History -- 7. Post Hoc Ergo Propter Hoc, part II -- 8. Friedman and his critics on the theoretical framework -- 9. The Great Depression -- 10. Measurement without measurement: Hendry and Ericsson's critique -- Conclusion.

Focusing on the period of Milton Friedman's collaboration with Anna J. Schwartz, this work examines the history of debates between Friedman and his critics over money's causal role in business cycles. Professor Hammond shows that critics' reactions were grounded in two distinctive features of Friedman and Schwartz's way of doing economic analysis - their National Bureau business-cycle methods and Friedman's Marshallian methodology. With the postwar dominance of Cowles Commission methods and Walrasian methodology, Friedman and Schwartz's monetary economics appeared to contemporary critics to be "measurement without theory." Drawing extensively on unpublished materials, Professor Hammond's treatment offers new insights on Friedman's attempts to settle debates with his critics and his eventual recognition of the methodological impediments. The book will interest monetary economists and macroeconomists, as well as historians of economics and methodologists.

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